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Zimbabwe firm eyes entrance into local insurance sector

01 October 2014, 11:55Marcus Mushonga

Harare - A Zimbabwean insurance firm announced plans to expand to Nigeria where the sector is rated at US $1,5 billion.

ZIMRE Holdings Limited (ZHL), Chief Executive Officer Albert Nduna, announced that his flourishing company was exploring partnerships as it prepared to establish a presence in the West African country.

“We want to go to Nigeria and have identified people who have $100 million. They want somebody who runs. We bring a bit of capital and management. We say we are there, use us,” Nduna said.

Also Read: New ECOWAS brown card to be operational on January 1

Nigeria has become Africa’s biggest economy in May overtaking South Africa, which used to boast the status of being the continent's largest economic power-house.

Nduna said for his company to make an impact in Nigeria, it had to inject "millions of dollars."

He said the Nigerian insurance sector grew by 15 percent last year with a penetration ratio of 0,5 percent.

Nduna said, apart from being headquartered in Zimbabwe his company had presence in Botswana, South Africa, Uganda and Zambia.

- CAJ News


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